Question

请大家帮我翻译一段话，非常感谢啊

1 The Black–Scholes–Merton Paradigm of Zero-Risk
The trigger for the whole financial industry expansion has been surprisingly ‘Brownian motion theory and Itˆo’s stochastic calculus’, first introduced in finance by Bachelier in his Thesis in 1900 [4], then used again by Black, Scholes and Merton in 1973 ([7] and [26]).
In particular, these authors have provided a method to price and hedge derivative instruments, which are financial contracts delivering a payoff H(ω), depending upon the scenario ω at a maturity date. The typical example is the (European) call option, which offers a protection in case of a large increase in the underlying asset price. More precisely, a European call provides its buyer with the right (and not the obligation) to purchase the risky asset at a pre-specified price (the exercise price)
K at a pre-specified date T in the future (the maturity date). The potential gain at maturity can therefore be written as (XT −K)+, where XT denotes the value of the underlying asset at maturity. Note that the product described in the introduction is in fact a combination of such options, based on a basket of six indices.
Black, Scholes and Merton have developed the completely new idea according to which it is possible for an option seller to deliver the contract at maturity without incurring any residual risk by using a dynamic trading strategy on the underlying asset. The stochastic arguments may discourage many people; it is however possible to reduce technical difficulties, and to develop arguments which are essentially probability-free, as first introduced by Foellmer [17].

Answer 1

1，零风险的布莱克 - 斯科尔斯 - 默顿范式
触发了整个金融业的扩张已被令人惊讶的“布朗的议案理论和伊藤随机微积分”，首先介绍了在金融在他的论文由巴舍利耶在1900年[4]，然后用黑，斯科尔斯和默顿再次在1973年（7 ]和[26]）。
特别是，这些作者们提供了一个方法，价格和对冲的衍生工具，这是提供一个回报高（ω）的金融合约，取决于在到期日时的情景ω。典型的例子是（欧洲）的看涨期权，它提供了在相关资产价格的大幅增加的情况下保护。更确切地说，欧洲的呼吁提供其买方的权利（而不是义务）在预先指定的价格购买的风险资产（行使价）
K T（到期日）在未来的预先指定的日期。到期时的潜在收益，因此可以写成（XT- K）+ XT是指在到期日标的资产的价值。请注意，在介绍中所描述的产品其实是一个这样的选项组合，基于一篮子六个指数。
黑色，Scholes和Merton开发完全新的概念，它是可能为期权的卖方提供合约到期日相关资产使用一个动态的交易策略，而不会产生任何残留的风险。随机参数可能很多人望而却步，不过，可以减少技术上的困难，并制定本质上是概率的论据，作为第一个推出Foellmer[17]。